Jerry & Rachel Hsieh Real Estate Team - Keller Williams Realty in Los Angeles

Jerry & Rachel Hsieh Real Estate Team - Keller Williams Realty in Los Angeles
IF YOU WANT THE LATEST INFORMATION ON THE LOCAL LOS ANGELES REAL ESTATE MARKET, FOLLOW THIS BLOG! FEEL FREE TO SEND OUR TEAM A REQUEST FOR ANY PROPERTY ON THE MARKET YOU'D LIKE TO VIEW BY CALLING US AT 310.623.1359. Our Cell: 424.242.8856 Email: jerryandrachel@newhomesLA.com DRE #: 01701809

Friday, December 17, 2010

Foreclosure Activity Decreases 4 Percent in October 2010

RealtyTrac, a leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report for October 2010, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 332,172 properties in October, a 4% decrease from the previous month and almost exactly the same total reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

“October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice,” said James J. Saccacio, chief executive officer at RealtyTrac. “The numbers probably would have been higher except for the fallout from the recent ‘robo-signing’ controversy—which is the most likely reason for the 9% monthly drop in REOs we saw from September to October and which may result in further decreases in November.”

Foreclosure Activity by Type

A total of 100,575 U.S. properties received default notices (NOD, LIS) in October, a 2% decrease from the previous month and a 19% decrease from October 2009—the ninth straight month where default notices have decreased on a year-over-year basis.

Default notices were still up on a monthly basis in several states: Florida LIS were up 2% from the previous month; Ohio LIS were up 10%; and Illinois LIS were up 24%. Meanwhile, NODs decreased on a monthly basis in California (down 9% from the previous month), Nevada (down 17%), and Michigan (down 18%).

Foreclosure auctions (NTS, NFS) were scheduled for the first time on a total of 138,361 U.S. properties in October, a 3% decrease from the previous month but still a 6% increase from October 2009. Scheduled auctions decreased month-over-month in 26 states and the District of Columbia, while 16 states posted year-over-year decreases in scheduled auctions.

Lenders foreclosed on 93,236 U.S. properties in October, down 9% from the record high in the previous month but still up 21% from October 2009. Bank repossessions (REOs) decreased month-over month in 33 states and the District of Columbia, while 14 states posted year-over-year decreases in REOs. Including October, lenders have foreclosed on an average of more than 91,000 properties each month this year.

Nevada, Florida, Arizona post top state foreclosure rates

Nevada continued to document the nation’s highest state foreclosure rate in October, with one in every 79 housing units receiving a foreclosure filing during the month—nearly five times the national average. A total of 14,205 Nevada properties received a foreclosure filing during the month, a decrease of 13% from the previous month but an increase of nearly 3% from October 2009—the first year-over-year increase in Nevada foreclosure activity since September 2009.

Florida foreclosure activity increased on a year-over-year basis for the second straight month following five straight months of annual decreases, helping the state to maintain the nation’s second highest state foreclosure rate for the third month in a row. One in every 155 Florida housing units received a foreclosure filing during the month, 2.5 times the national average.

One in every 165 Arizona housing units received a foreclosure filing in October, the nation’s third highest state foreclosure rate for the third month in a row. A total of 16,538 Arizona properties received a foreclosure filing during the month, a decrease of 3% from the previous month but an increase of nearly 24% from October 2009—the second straight month where the state’s foreclosure activity increased on a year-over-year basis following seven straight months of annual decreases in foreclosure activity.

Other states with foreclosure rates ranking among the top 10 in October were California, Michigan, Utah, Georgia, Idaho, Illinois and Colorado.

Five states account for more than 50 percent of national total

California alone accounted for 20% of the national total in October, with 66,475 properties receiving a foreclosure filing during the month—a nearly 12% decrease from the previous month and a decrease of 22% from October 2009.

A total of 56,858 Florida properties received a foreclosure filing in October, the nation’s second highest state total and accounting for 17% of the national total.

With 19,288 properties receiving a foreclosure filing in October, Michigan posted the nation’s third highest state foreclosure activity total and accounted for nearly 6% of the national total. Michigan foreclosure activity decreased nearly 12% from the previous month but was still up 17% from October 2009.

Foreclosure filings were reported on 16,969 Illinois properties and 16,538 Arizona properties in October, with each state accounting for roughly 5% of the national total.

Other states with foreclosure activity totals among the nation’s 10 highest in October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008), and Washington (6,346).

Top 10 metro foreclosure rates in Nevada, California and Florida

Foreclosure activity in Las Vegas-Paradise, Nev., increased less than 1% from October 2009 and the metro area continued to post the highest foreclosure rate among metropolitan areas with a population of 200,000 or more—one in every 70 housing units received a foreclosure filing during the month. Reno-Sparks, Nev., also documented a foreclosure rate in the top 10, at No. 9 with one in every 122 housing units receiving a foreclosure filing in October.

With one in every 96 housing units receiving a foreclosure filing in October, Cape Coral-Fort Myers, Fla., posted the nation’s second highest metro foreclosure rate for the month. Other Florida metro areas with foreclosure rates in the top 10 were Miami-Fort Lauderdale-Pompano Beach at No. 7 and Orlando-Kissimmee at No. 10.

Modesto, Calif., posted the nation’s third highest metro foreclosure rate, with one in every 102 housing units receiving a foreclosure filing in October. Other California metro areas with foreclosure rates in the top 10 were Riverside-San Bernardino-Ontario at No. 4, Stockton at No. 5, Merced at No. 6, and Vallejo-Fairfield at No. 8.

All top 10 metro areas posted month-over-month decreases in foreclosure activity, and seven of the top 10 posted year-over-year decreases in foreclosure activity.

For more information, visit www.RealtyTrac.com.

Saturday, December 11, 2010

Picfair Village/Faircrest Heights Home Sales Update - Nov/Dec 2010

Hi All-

Here is the full list of homes sold and new on market for Nov-Dec 2010 in Picfair Village/Faircrest Heights:

New Listings
6101 Pickford Place - 2BR/1BA - $425,000
1806 S. Orange Grove - 4BR/3BA - $979,000

In Escrow
1569 S. Burnside Drive - 3BR/2BA - $359,000
1502 S. Dunsmuir Ave - 3BR/2BA - $429,000
1959 Stearns Drive - 3BR/2BA - $729,000
1435 Stearns Drive - 3BR/2BA - $635,000
1501 Stearns Drive - 3BR/2BA - $800,000
5311 Saturn St - 2BR/1BA - $435,000

SOLD
1521 S. Curson Ave - 2BR/1BA - $419,000
1629 Ellsmere Ave - 2BR/1Ba - $382,500
1451 S. Burnside Ave - 2BR/1BA - $565,000



For further details about any of these properties or for a free market evaluation of your own home, feel free to call me anytime on my cell at 310-228-8856.

-Jerry